Managing Technical Debt in a Data-Driven World

This document is a guide that discusses the management of technical debt within the context of a data-driven environment. It outlines the significant costs associated with technical debt, which are estimated to reach $2.41 trillion annually in the U.S. due to cybersecurity failures, outdated systems, and failed development projects. The guide emphasizes the problems caused by outdated software and technology, including high costs, greater risks, and loss of productivity. It presents strategies to mitigate these issues by retiring legacy applications and implementing a centralized data governance framework. The document details the importance of assessing data value, ensuring compliance, and optimizing infrastructure to improve performance. Additionally, it highlights a business case where a bank could save $40 million over five years by decommissioning legacy applications, thus facilitating cloud adoption and enhancing data management efficiency. The guide serves as a resource for organizations looking to improve their data governance and reduce risks associated with technical debt.